Money is hard to value. Fundamentally, it relies on a consensus that it's useful and valuable, but there's nothing inherent in money that makes it that way. It's a useful collective hallucination.

So is crypto. Some people came up with a collective hallucination that they considered useful and valuable, and convinced some other people that it was, because, hey, we all like valuable things, especially when we can create them out of thin air and sell them to people for other shiny things that we like.